Meaning of “de facto corporation” in the English Dictionary

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"de facto corporation" in Business English

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de facto corporationnoun [ C ]

uk us

in the US, a corporation that is allowed to continue to exist, although it has not been officially made a corporation by law:

The court found that, when a person buys stock of a de facto corporation, he cannot avoid payment by showing that the corporation was not legally organized.

(Definition of “de facto corporation” from the Cambridge Business English Dictionary © Cambridge University Press)